# Accounting Mcqs with Solved Answers & 2026 Past Papers (Page 1) | TestPrep > Practice verified Accounting Mcqs with answers, detailed explanations, and 2026 past papers syllabus for FPSC, PPSC, NTS, CSS, and PMS exams in Pakistan. --- Official 2026 Examination Syllabus Verified Answers # Accounting Mcqs Solved MCQs Showing 1 – 20 of **1,466** verified multiple choice questions with explanations and past paper analysis. - [Take Accounting Mcqs Quiz](https://test-prep.blog/quiz/smart?category=accounting-mcqs) Q1 NTS / FPSC / PPSC - [### The accounting process of gradually converting the unexpired cost of fixed assets into expenses over a series of accounting periods is _____ ?](https://test-prep.blog/mcq/the-accounting-process-of-gradually-converting-the-unexpired-cost-of-fixed-asset-20c80b24-ee5c-4c5b-9fee-1b3150620ab8) A. Depreciation B. Physical deterioration of the asset C. Decrease in market value of the asset D. Valuation of an asset at a point of time Reveal Answer - [View Full Details & Discussion →](https://test-prep.blog/mcq/the-accounting-process-of-gradually-converting-the-unexpired-cost-of-fixed-asset-20c80b24-ee5c-4c5b-9fee-1b3150620ab8) Q2 NTS / FPSC / PPSC - [### If the beginning work in process inventory units are 2600, units started are 9000, ending work in process units are 2300 and the completed good units are 8000 then total spoilage will be _____ ?](https://test-prep.blog/mcq/if-the-beginning-work-in-process-inventory-units-are-2600-units-started-are-9000-18ccbada-a526-46a0-958b-acae83ecab3a) A. 1200 units B. 990 units C. 1300 units D. 1000 units Reveal Answer - [View Full Details & Discussion →](https://test-prep.blog/mcq/if-the-beginning-work-in-process-inventory-units-are-2600-units-started-are-9000-18ccbada-a526-46a0-958b-acae83ecab3a) Q3 NTS / FPSC / PPSC - [### In support of business transaction, any written evidence is called _____ ?](https://test-prep.blog/mcq/in-support-of-business-transaction-any-written-evidence-is-called-ca9aea86-7eac-4b03-b1b0-5325525afaea) A. Discount B. Voucher C. Allowance D. Price Reveal Answer - [View Full Details & Discussion →](https://test-prep.blog/mcq/in-support-of-business-transaction-any-written-evidence-is-called-ca9aea86-7eac-4b03-b1b0-5325525afaea) Q4 NTS / FPSC / PPSC - [### The concession received on the price of defective goods is called:](https://test-prep.blog/mcq/the-concession-received-on-the-price-of-defective-goods-is-called-1fd4ecbf-192d-4d6f-a39f-efa7e2f65271) A. Discount B. Cash discount C. Allowance D. Trading discount Reveal Answer - [View Full Details & Discussion →](https://test-prep.blog/mcq/the-concession-received-on-the-price-of-defective-goods-is-called-1fd4ecbf-192d-4d6f-a39f-efa7e2f65271) Q5 NTS / FPSC / PPSC - [### Cash brought by the owner to start business is called _____ ?](https://test-prep.blog/mcq/cash-brought-by-the-owner-to-start-business-is-called-53e7db47-64f4-44b2-a2e4-057d7c2b381f) A. Capital B. Loan C. Drawing D. None of these Reveal Answer - [View Full Details & Discussion →](https://test-prep.blog/mcq/cash-brought-by-the-owner-to-start-business-is-called-53e7db47-64f4-44b2-a2e4-057d7c2b381f) Q6 NTS / FPSC / PPSC - [### reduction in price is called:](https://test-prep.blog/mcq/reduction-in-price-is-called-937d4329-a46d-453d-9367-9b59a4c24215) A. Paid price B. Invoice price C. Book price D. Discount Reveal Answer - [View Full Details & Discussion →](https://test-prep.blog/mcq/reduction-in-price-is-called-937d4329-a46d-453d-9367-9b59a4c24215) Q7 NTS / FPSC / PPSC - [### Sales return is also known as _____ ?](https://test-prep.blog/mcq/sales-return-is-also-known-as-9b7f07aa-7053-4305-a0f9-d97c105b46ee) A. Return received B. Return Payed C. Return inward D. Return outward Reveal Answer - [View Full Details & Discussion →](https://test-prep.blog/mcq/sales-return-is-also-known-as-9b7f07aa-7053-4305-a0f9-d97c105b46ee) Q8 NTS / FPSC / PPSC - [### When goods, in which business deals are sold, it is called _____ ?](https://test-prep.blog/mcq/when-goods-in-which-business-deals-are-sold-it-is-called-e2e19b76-f0f4-4118-8eca-d2901fc2c522) A. Purchases B. Return inward C. Sales D. Return outwards Reveal Answer - [View Full Details & Discussion →](https://test-prep.blog/mcq/when-goods-in-which-business-deals-are-sold-it-is-called-e2e19b76-f0f4-4118-8eca-d2901fc2c522) Q9 NTS / FPSC / PPSC - [### The excess of current assets over current liabilities is called:](https://test-prep.blog/mcq/the-excess-of-current-assets-over-current-liabilities-is-called-9be87fcb-3aaa-4aa3-af2e-f3dfe559c92c) A. Working Capital B. Circulating capital C. Fixed capital D. Trading capital Reveal Answer - [View Full Details & Discussion →](https://test-prep.blog/mcq/the-excess-of-current-assets-over-current-liabilities-is-called-9be87fcb-3aaa-4aa3-af2e-f3dfe559c92c) Q10 NTS / FPSC / PPSC - [### Goods return to supplier are known as: _____ ?](https://test-prep.blog/mcq/goods-return-to-supplier-are-known-as-31197400-5bcc-4a70-a641-cac22e498f9c) A. Merchandise return B. Purchase return C. Return inwards D. Sales return Reveal Answer - [View Full Details & Discussion →](https://test-prep.blog/mcq/goods-return-to-supplier-are-known-as-31197400-5bcc-4a70-a641-cac22e498f9c) Q11 NTS / FPSC / PPSC - [### Obligation of the Business are known as _____ ?](https://test-prep.blog/mcq/obligation-of-the-business-are-known-as-0ce480cc-ff9e-4ca6-b1ae-856a7e92dace) A. Liabilities B. Revenues C. Expenses D. Assets Reveal Answer - [View Full Details & Discussion →](https://test-prep.blog/mcq/obligation-of-the-business-are-known-as-0ce480cc-ff9e-4ca6-b1ae-856a7e92dace) Q12 NTS / FPSC / PPSC - [### The amount invested by the proprietor to start the business is called:](https://test-prep.blog/mcq/the-amount-invested-by-the-proprietor-to-start-the-business-is-called-2ca26fe4-3e28-464d-bef9-4eec6f1302d2) A. Capital B. Business C. Drawings D. All of them Reveal Answer - [View Full Details & Discussion →](https://test-prep.blog/mcq/the-amount-invested-by-the-proprietor-to-start-the-business-is-called-2ca26fe4-3e28-464d-bef9-4eec6f1302d2) Q13 NTS / FPSC / PPSC - [### Discount received is a/an:](https://test-prep.blog/mcq/discount-received-is-aan-2ad9da94-bd9f-4a47-a9aa-d917149822fe) A. Asset B. Expense C. Liability D. Revenue Reveal Answer - [View Full Details & Discussion →](https://test-prep.blog/mcq/discount-received-is-aan-2ad9da94-bd9f-4a47-a9aa-d917149822fe) Q14 NTS / FPSC / PPSC - [### Double entry means _____ ?](https://test-prep.blog/mcq/double-entry-means-5072a926-43fe-430b-9519-471653a72fd6) A. Entry in two sets of books B. Entry at two ends C. Entry at two dates D. Entry for two aspects of the transaction Reveal Answer - [View Full Details & Discussion →](https://test-prep.blog/mcq/double-entry-means-5072a926-43fe-430b-9519-471653a72fd6) Q15 NTS / FPSC / PPSC - [### The person to whom goods are sold on credit is called _____ ?](https://test-prep.blog/mcq/the-person-to-whom-goods-are-sold-on-credit-is-called-64546a50-0fb6-46dd-b952-35ab30fd3f78) A. Buyer B. Seller C. Debtor D. Creditor Reveal Answer - [View Full Details & Discussion →](https://test-prep.blog/mcq/the-person-to-whom-goods-are-sold-on-credit-is-called-64546a50-0fb6-46dd-b952-35ab30fd3f78) Q16 NTS / FPSC / PPSC - [### Modern system of book keeping is called _____ ?](https://test-prep.blog/mcq/modern-system-of-book-keeping-is-called-f4783876-82f5-4c9f-90bb-76323b723a79) A. Double entry system B. American system C. Single entry system D. Italic system Reveal Answer - [View Full Details & Discussion →](https://test-prep.blog/mcq/modern-system-of-book-keeping-is-called-f4783876-82f5-4c9f-90bb-76323b723a79) Q17 NTS / FPSC / PPSC - [### Goods Return by the customer are termed as :](https://test-prep.blog/mcq/goods-return-by-the-customer-are-termed-as-23e84a64-7383-4efb-a16b-13f2c72eea12) A. Purchase return B. Customer return C. Sales return D. Inventory return Reveal Answer - [View Full Details & Discussion →](https://test-prep.blog/mcq/goods-return-by-the-customer-are-termed-as-23e84a64-7383-4efb-a16b-13f2c72eea12) Q18 NTS / FPSC / PPSC - [### The maintenance of accounts in a systematic way is called _____ ?](https://test-prep.blog/mcq/the-maintenance-of-accounts-in-a-systematic-way-is-called-6d29e7fc-8568-4fe3-8489-c4754bbd6e1c) A. Accounting B. Reading C. Book Keeping D. Auditing Reveal Answer - [View Full Details & Discussion →](https://test-prep.blog/mcq/the-maintenance-of-accounts-in-a-systematic-way-is-called-6d29e7fc-8568-4fe3-8489-c4754bbd6e1c) Q19 NTS / FPSC / PPSC - [### An Art of reading, classifying & Summarizing of accounts in a systematic way is called _____ ?](https://test-prep.blog/mcq/an-art-of-reading-classifying-summarizing-of-accounts-in-a-systematic-way-is-cal-ed5277a4-f4bf-4a4b-8a03-b779403a9889) A. Accounting B. Accountancy C. Auditing D. Book Keeping Reveal Answer - [View Full Details & Discussion →](https://test-prep.blog/mcq/an-art-of-reading-classifying-summarizing-of-accounts-in-a-systematic-way-is-cal-ed5277a4-f4bf-4a4b-8a03-b779403a9889) Q20 NTS / FPSC / PPSC - [### A systematic way to maintain the books of accounts is called _____ ?](https://test-prep.blog/mcq/a-systematic-way-to-maintain-the-books-of-accounts-is-called-f546fc63-1450-436e-b778-9e2b2c055e50) A. Accountancy B. Economics C. Book Keeping D. Auditing Reveal Answer - [View Full Details & Discussion →](https://test-prep.blog/mcq/a-systematic-way-to-maintain-the-books-of-accounts-is-called-f546fc63-1450-436e-b778-9e2b2c055e50) - [Previous Page](https://test-prep.blog/categories/accounting-mcqs?page=0)Page 1 of 74 - [Next Page](https://test-prep.blog/categories/accounting-mcqs?page=2) Editorial Analysis & Exam Strategy ## Accounting Mcqs Preparation Guide for Competitive Exams The Accounting Mcqs section constitutes one of the highest-weightage modules across major competitive recruiting tests conducted by FPSC, PPSC, SPSC, KPPSC, BPSC, NTS, and the CSS Screening (MPT). Candidates who systematically practice verified solved past questions attain a statistically verified 42% higher score on negative-marking objective papers. #### FPSC (Federal Public Service Commission) 20% - 50% of General Ability Paper Questions emphasize analytical depth, conceptual definitions, and contemporary developments. #### PPSC (Punjab Public Service Commission) 15% - 25% of 100-mark One-Paper MCQs Strong focus on direct factual accuracy, past paper repetitions, and textbook fundamentals. #### NTS (National Testing Service) 25% - 35% of GAT & NAT Tests Strict timing constraints (approx. 50 seconds per MCQ). Rapid recall is critical. #### CSS & PMS Compulsory 20 MCQs (20 Marks) in each Compulsory Subject Qualifying threshold determinant. Correct answers in objective sections secure merit ranking. ### Proven Study Methodology Topic-Wise Mastery: Begin by solving questions in batches of 20 with immediate answer verification. Negative Marking Shield: In competitive exams, guessing indiscriminately carries a 0.25 mark penalty. Practice identifying questions where you can eliminate 2 incorrect distractors before attempting. Smart Spaced Repetition: Use our Bookmark and Mistake Revision engines to re-test incorrectly answered questions within 48 hours to lock them into long-term memory. Timed Speed Runs: Attempt the Daily Study Challenge under timed conditions to build test-day cognitive endurance. ### Frequently Asked Questions about Accounting Mcqs #### How many questions are included in the Accounting Mcqs repository? Our repository contains verified multiple choice questions for Accounting Mcqs, regularly curated and cross-referenced with official past papers from 2018 to 2026. #### Are these Accounting Mcqs MCQs relevant for 2026 exams? Yes, all questions have been reviewed and updated to conform to the latest 2026 syllabus announcements issued by FPSC, PPSC, NTS, and provincial testing boards. #### Does Accounting Mcqs practice include answer explanations? Yes, each question features verified correct answers with explanatory context, historical references, and verified citations. #### Can I practice Accounting Mcqs questions in interactive quiz mode? Yes, click 'Take Accounting Mcqs Quiz' to launch our Smart Adaptive practice engine, customize question counts, and track your accuracy score in real-time. --- *Source: https://test-prep.blog/categories/accounting-mcqs?page=1* *Format: Markdown for Agents (Content Negotiation: text/markdown)*